Research On The Influence Of Outward Foreign Direct Investment Of Listed Enterprises On Technological Progress

It has been more than 20 years since China put forward the national strategy of "going global".The scale of foreign direct investment(OFDI)continues to expand with the further opening of China’s economy and the further adjustment of its economic structure.Driven by global economic integration and China’s rapid economic growth,China has not only become the country with the largest inflow of foreign capital,but also the country with the largest outflow of foreign direct investment.Technological progress is an important indicator to measure the efficiency of enterprises’ OFDI.Especially in the critical period when China’s economic development is weak and old drivers are being replaced,it is necessary to test whether OFDI has an impact on the technological progress of Chinese enterprises and what kind of impact it has.If so,whether there will be heterogeneity due to the nature of the enterprise,environmental differences and differences in the host country of investment.This paper analyzes the relationship between Chinese OFDI enterprises and technological progress from 2008 to 2020 based on matched data from the Guotaian Database of Listed Companies,the CSMAR Guotaian Database of Overseas Direct Investment in Chinese Listed Companies,and the CSMAR Guotaian Database of Patents and R&D Innovation in Chinese Listed Companies,and tests whether corporate OFDI on the technological progress of enterprises in China.The empirical results of the analytical study of the data show that,firstly,OFDI can promote enterprise technological progress,and the findings remain robust after parallel trend tests,placebo tests,replacement matching methods,and indicator measurement methods;secondly,there is heterogeneity in the impact of OFDI on enterprise technological progress,with private enterprises,larger enterprises,enterprises in coastal areas,enterprises with higher capital intensity,and Finally,reverse technology spillover and business environment improvement play an important role in the technological progress of OFDI enterprises.When reverse technology spillover and business environment are used as threshold variables,it is found that OFDI has a significant improvement on technology upgrading after crossing the threshold.Based on this,this paper argues that we should firmly implement the "going out" development strategy and strive to promote the construction of a new safe and efficient public service system for China’s open market economy.In addition,enterprises themselves should be brave enough to innovate,actively improve their technology level and R&D capability,and realize higher level of foreign direct investment,so as to obtain sustainable technological progress effect.